.../methodology/approach An event study methodology is used to estimate the cumulative abnormal returns (CARs) and its statistical significance is tested with both parametric and non-parametric test-statistics. Separate analysis has been conducted for firms with “major vs minor” and “restructuring vs non...

... is performed and the Fama–French three-factor model is used to calculate the post-announcement long-term abnormal returns. The matching method and the sub-sample tests are used to examine the robustness. Findings After controlling for firm size, the unexpected earnings and government ownership, no evidence...

... documenting contrary results to the previous Indian and global research works. In most stock markets, stocks included (excluded) from a popular index shows significant positive (negative) abnormal returns, and the trading volume of stocks is positively affected by the event. The research works with respect...